Hal Press of North Rock Digital suggests that the first Ethereum futures ETF will be approved on October 2. The crypto hedge fund founder says Valkyrie’s combined product will be the first ETH futures ETF to gain approval. Meanwhile, the leading altcoin is trending sideways below $1,600. Additionally, ETH price decreased by 2.33% last week.
Futures Ethereum ETF approval is key for the leading altcoin!
The first Ethereum futures ETF (exchange-traded fund) will likely receive approval on October 2, according to crypto hedge fund owner Hal Press. The thesis of the founder of North Rock Digital is based on recent events in the crypto ecosystem. Valkyrie Bitcoin Strategy and Ether Strategy ETFs are awaiting approval from the Securities and Exchange Commission (SEC) on October 3, which is the deadline. Press says this will likely be the first Ethereum Futures ETF to gain SEC approval.
As you follow from Kriptokoin.com, the SEC approved a Bitcoin futures ETF in October 2021. This development fueled bullish sentiment among market participants. This confirmation served as the catalyst for BTC’s price to rise to a peak of $66,900. Investors have similar expectations regarding the approval of the Ethereum futures ETF. Therefore, the confirmation date is key to determining the trend in ETH price.
Futures ETF approval likely to come at earliest
Hal Press expects news of Ethereum futures ETF approval as early as October 2, ahead of Valkyrie’s unified ETF product application deadline. Press says it is possible for some news to come out sooner. However, he explains that the latest possible date to watch for this approval is after-market on October 2. The table below lists the approval deadlines for different ETF applications.
ETF application status and SEC approval deadlineCrypto investment giant Grayscale has become the latest company to file with the SEC for an Ethereum futures ETF. Earlier this week, on September 19, Grayscale proposed listing and trading shares of the Grayscale Ethereum Futures Trust ETF under New York Stock Exchange Arca Rule 8.200-E. It is possible that the approval of the Ethereum futures ETF could open the doors to similar investment products. Additionally, it is likely to initiate bullish sentiment among ETH holders and traders. At the time of this writing, Ethereum price is trading below $1,600 at $1,589. Meanwhile, last week ETH made its investors lose 2.33%.
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